Portland, OR, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Europe meat substitute market accounted for $1.83 billion in 2019, and is expected to reach $3.54 billion by 2027, growing at a CAGR of 7.9% from 2021 to 2027.
Increase in number of consumers opting for plant-based alternatives, introduction of deep-fried versions of meat substitutes, surge in adoption of veganism, and rise in flexitarian trend have boosted the growth of the Europe meat substitute market. However, dissatisfaction with sensory attributes among consumers hinders the market. On the contrary, development of new products through innovation and rise in investments are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- Since the Covid-19 outbreak, the demand for meat substitutes has increased with rise in health consciousness among consumers.
- In addition, the meat alternative manufacturers witnessed increase in demand for plant-based products due to shortage of meat-based items in retail stores.
- Due to rise in demand for meat substitutes, several startups and established food companies launched array of plant-based seafood and dairy substitutes.
The Europe meat substitute market is segmented on the basis of product type, source, category, and county. Based on product type, the market is classified into tofu-based, tempeh-based, tvp-based, seitan-based, Quorn-based and others. The tvp-based segment held the largest share in 2019, accounting for around one-third of the market. However, the seitan-based segment is expected to register the highest CAGR of 9.8% during the forecast period.
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On the basis of source, the market is divided into soy-based, wheat-based, mycoprotein and others. The soy-based segment dominated the market in 2019, accounting for nearly two-thirds of the total revenue of the market. However, the wheat-based segment is expected to manifest the highest CAGR of 9.0% during the forecast period.
Based on category, the market is classified into frozen, refrigerated and shelf stable. The frozen segment held the largest share in 2019, contributing to more than three-fourths of the market. However, the shelf table segment is expected to portray the highest CAGR of 8.7% during the forecast period.
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The Europe meat substitute market report includes an in-depth analysis of the major market players such as Foods for Tomorrow, Moving Mountains Foods, Monde Nissin Corporation, Rügenwalder Mühle Carl Müller GmbH & Co. Kg, Premier Foods Plc, Taifun-Tofu GmbH, Schouten Europe B.V., Vbites Foods Ltd., The Meatless Farm, and Vivera Foodgroup.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.